| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Poor |
| Demographics | 18th | Poor |
| Amenities | 47th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1585 Chestnut Ave, Long Beach, CA, 90813, US |
| Region / Metro | Long Beach |
| Year of Construction | 1973 |
| Units | 24 |
| Transaction Date | 2003-01-03 |
| Transaction Price | $1,440,000 |
| Buyer | LEW MOON POO |
| Seller | PI PROPERTIES #74 LP |
1585 Chestnut Ave Long Beach Multifamily Investment
Situated in an urban core pocket with a deep renter base and steady leasing activity, this asset benefits from durable demand drivers, according to WDSuite’s CRE market data.
Located in Long Beach’s Urban Core (neighborhood rating C-), the area around 1585 Chestnut Ave skews heavily renter-occupied, indicating a large tenant pool for multifamily. The neighborhood’s renter concentration ranks among the highest in the metro (84.7% renter-occupied units), which supports leasing depth and renewal visibility for professionally managed assets.
Restaurant density is a relative strength here, ranking in the top quartile nationally, and grocery access is similarly competitive, while café, park, and pharmacy counts are limited. For investors, this mix suggests strong day-to-day convenience for residents but fewer green space amenities—positioning that can be offset through on-site community features and targeted resident programming.
Neighborhood occupancy is solid relative to national benchmarks, and median contract rents have trended upward over the last five years. In a high-cost ownership market—with home values testing upper national percentiles—multifamily remains a practical housing option, which can support pricing power and lease-up consistency when paired with disciplined revenue management.
Within a 3-mile radius, households have increased despite a decline in overall population, pointing to smaller household sizes and a broader household base. Looking forward, WDSuite’s commercial real estate analysis indicates households are projected to grow further, reinforcing a larger tenant base even as demographics shift toward older age cohorts. Average school ratings trail national norms; operators often counterbalance this with value, security, and resident services to support retention.
The property’s 1973 vintage is newer than the neighborhood’s older housing stock (average vintage 1947). That relative youth can be competitive against pre-war inventory, though investors should still plan for select building systems modernization and targeted unit renovations to capture value-add upside.
Safety performance in this neighborhood trails metro and national averages. Crime ranks in the lower tier among 1,441 Los Angeles–Long Beach–Glendale metro neighborhoods (crime rank 1,367 of 1,441), and national percentiles indicate below-average safety. Recent estimates show elevated violent and property offense rates relative to national norms. Investors typically underwrite enhanced lighting, access control, and security partnerships, and monitor city-level safety initiatives and trend direction at the neighborhood scale.
Proximity to established employers supports workforce housing demand and commute convenience for residents. Key nearby employers include Molina Healthcare, Air Products & Chemicals, Airgas, Time Warner Business Class, and International Paper’s Cypress Retail Packaging operations.
- Molina Healthcare — healthcare services (1.4 miles) — HQ
- Air Products & Chemicals — industrial gases (2.7 miles)
- Airgas — industrial gases (6.8 miles)
- Time Warner Business Class — telecommunications (9.6 miles)
- INTERNATIONAL PAPER Cypress Retail Packaging — packaging (10.0 miles)
This 24-unit asset sits in a renter-heavy Urban Core setting where leasing depth is supported by high neighborhood renter-occupied share and strong everyday amenities like restaurants and groceries. According to CRE market data from WDSuite, neighborhood occupancy is healthy by national standards, and rents have risen over the past five years, while a high-cost ownership landscape tends to reinforce reliance on multifamily housing and support pricing power when operators execute disciplined renewals.
Built in 1973, the property is newer than much of the surrounding housing stock, offering a relative competitive edge versus older buildings; however, investors should plan for targeted systems upgrades and strategic unit renovations to capture value-add upside. Within a 3-mile radius, households have grown and are projected to expand further even as average household size declines—trends that broaden the tenant base and can support occupancy stability. Key underwriting considerations include below-average school ratings, elevated neighborhood crime, and rent-to-income affordability pressure that calls for careful lease management and resident retention strategies.
- Renter-heavy neighborhood and solid occupancy support a deep tenant base
- High-cost ownership market sustains multifamily demand and pricing power
- 1973 vintage offers competitive positioning versus older stock with value-add potential
- Nearby employers underpin workforce demand and commute convenience
- Risks: below-average safety and school ratings; manage affordability and retention